Bitcoin has slipped below the $ 4,000 mark for the first time since the crypto winter almost 2 years ago, and an expert fears it will get much worse.
The entry ban between the United States and Europe caused by the corona virus, combined with new losses on the stock markets yesterday, caused the crypto markets to continue to decline.
Experienced trader Peter Brandt, who is known for correctly predicting the downturn that followed Bitcoin’s record high, answered the question of a new floor for the market-leading cryptocurrency on Twitter, although his outlook is anything but rosy.
Brandt says that if he views the Bitcoin price “completely impartially”, the new floor could be “below $ 1,000”. Since the current price is just under $ 5,000, this would correspond to a further loss of 80% in value.
If I rate the course completely impartially, I see it below $ 1,000.
– Peter Brandt (@ PeterLBrandt) March 12, 2020
Brandt is actually known as an optimist
Brandt’s words carry all the more weight, since he is not known as a crypto-critic, but has rather emerged from optimistic forecasts that were aimed at an upswing of up to $ 140,000.
During the so-called crypto winter, Brandt had also correctly predicted an upswing, which then actually occurred by mid-July due to a doubling of the Bitcoin price. So far, the expert’s assessments have been entirely correct.
Coronavirus plummets altcoins
Most recently, Bitcoin has slipped below the $ 5,500 and $ 5,200 supports, causing the price to temporarily drop below the $ 4,000 mark today, which has almost brought it back to a 2-year low. Subsequently, however, the market-leading cryptocurrency quickly corrected upwards again.
Altcoins also suffered heavy losses, with Ether (ETH) and Bitcoin Cash (BCH) experiencing violent downturns of 43.06% and 42.85% respectively, while XRP hit a multi-year low of 0.13 US Dollar has slipped.
But not only the courses, but also blockchain conferences around the world are affected by the corona virus. The EDCON in Italy and the Nitron Summit 2020 in South Korea, among others, have been provisionally canceled.
The CME Group, the second company to launch its own bitcoin futures, has also announced that it will suspend trading on March 13, but online trading is expected to continue as usual.
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